Payslips And PAYG

Question 1

What is a tax file number?

Answer 1

A TFN is your personal reference number in the tax and superannuation system

Question 2

Where can you get a TFN?

Answer 2

You can get a TFN at your local post office or online from the ato

Question 3

What are pay slips?

Answer 3

Payslips help employees to monitor their pay and entitlements and help employers to keep accurate records

Question 4

A payslips should show?

Answer 4

The employers and employees name
The date of payment
Gross pay
Net pay
Hourly rate
Allowances/ bonuses
Superannuation contributions
Student loan payments ( if necessary)

Question 5

How much do employers need to pay from a employees salary to their superannuation fund?

Answer 5

11% minimum

Question 6

What age do you have to be to get superannuation payments?

Answer 6

18+ and it’s compulsory

Question 7

What is PAYG

Answer 7

It’s a system where an employer sets aside an amount of an employee’s income for taxes instead of paying for tax all in one go at the end of the year ( they make smaller payments throughout the year instead

Question 8

What happens when an employee files their annual tax returns relating to PAYG?

Answer 8

When the employer files their annual tax return they receive a tax refund, if their PAYG was more than their actual tax amount. If they haven’t paid enough they will have to pay the remaining balance.

Question 9

What’s the maximum amount a person has to earn to not pay taxes

Answer 9

$18,200 or less